West Virginia Democrat. [volume] (Charles Town, W. Va.) 1885-1890, 1887-02-18
ART THOU A MASTER IN ISREAL
AND KNOWETH NOT THESE
THINGS?

Wehave repeatedly pointed out that
the assessment law is so framed that
the personal property of corpora
ton virtually escapes taxation. No
politician dare propose that indi
vidual property be taxed while cor
poration property be exempt, but
yet the statute is intended to do this
very thing, Incorporation influence
is stronger than the public will, say
so. If it be true, that majority
in the Legislature are in favor of
discriminating in favor of corpora
ton property then let the friends of
the people call the ayes and noes
and place these gentlemen on record.
We warn the Democratic party that
failure to correct this fragrant
wrong will grievously disappoint
public expectation.
THE LAW SHOULD BE:
The assessor shall ascertain from
the proper officer of every corpora
ton in his district Except rail
roads, &c., an enumeration of its
personal property in precisely the
same manner as if such property
was owned by an individual.
THE LAW IS:
The assessor shall ascertain from
the proper officer of every corpora
ton in his district Except railroads.,
&C., J THE VALUE OF THE CAP
ITAL EMPLOYED IN IT'S BUSI-
NESS. The VALUE OF THE
CAPITAL is to be ESTIMATED
by taking the value of all its per-
sonal property, including its Money,
credits and investments and deduct
ing the debts of the company.
The objection to this law is:
l. A corporation may list the
value of it's capital, whereas tie in
dividual must list his property item
by item. The assessor asks an in
dividual, show many hogs and their
value; how many horses and their
value" and a taxpayers schedule
runs the gamut of every item of
property likely to be owned by a
farmer. On the other hand, the
officer of a corporation simply makes
guess at the lump value of the
property of his company. Expert
ence teaches that the more minute
the enumeration of property, the
smaller the amount which escapes
taxation.
2. A corporation may deduct its
debts from all its property, whereas
an individual can deduct his debts
only from credits and investments.
Let us illustrate this matter. Sup
pose a corporation has $4,000 rep
resented by the following property
so horses, worth, .................. $1,000
1000 sheep, " ...............-.-.. 1000
500 hogs, " .................... LOU
Money in hand ...... 1900
Investments (notes and bonds)
worth .,.................. 1000
Credits temporary debts due in
the course of trade )............... 1000
Now if this company owes $10,-
900 it would not pay any tax at all,
because it can deduct all its debts
from all its personal property. But
an individual, owning this property
and owing SO, O,would be assessed
with $4,000, because he may deduct
what be owes only from investments
and credits.
Mr.. Chipley has introduced bill,
Oh. B. 1907 which has passed the
House, proposing to amend this law.
His bill is certainly an improvement,
but it falls very far short of what
the amendment ought to be. The
present law permits company:
To deduct its debts from all its person
al property, including money. credits
and investments.
The amendment is:
They may deduct their debts from
their MONEY, credits and investments.
1t will be observed that the Chip
ley bill permits corporation to de-
duct debts from MONEY, whereas
an individual cannot do so. Section
50 of the assessment statute
(Warth's Code, page 165) provides:
In listing credits or investments the
party may deduct therefrom what he